Hood River Capital Management LLC Invests $32.81 Million in Lumentum Holdings Inc. (NASDAQ:LITE)

Hood River Capital Management LLC bought a new stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 390,832 shares of the technology company's stock, valued at approximately $32,810,000. Hood River Capital Management LLC owned about 0.57% of Lumentum at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. UMB Bank n.a. lifted its stake in shares of Lumentum by 301.2% during the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company's stock valued at $28,000 after buying an additional 253 shares during the period. Jones Financial Companies Lllp lifted its stake in shares of Lumentum by 54.2% during the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock worth $31,000 after purchasing an additional 130 shares during the period. J.Safra Asset Management Corp grew its position in shares of Lumentum by 31.1% in the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock valued at $43,000 after purchasing an additional 122 shares during the period. Quadrant Capital Group LLC grew its position in shares of Lumentum by 27.2% in the fourth quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock valued at $64,000 after purchasing an additional 164 shares during the period. Finally, Daiwa Securities Group Inc. purchased a new position in Lumentum during the fourth quarter worth about $67,000. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Lumentum

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the firm's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the transaction, the chief financial officer now owns 51,976 shares of the company's stock, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Barclays cut their target price on Lumentum from $125.00 to $70.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Northland Securities upgraded Lumentum from a "market perform" rating to an "outperform" rating in a report on Monday, April 7th. Jefferies Financial Group started coverage on shares of Lumentum in a report on Friday, February 21st. They issued a "buy" rating on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Lumentum from $105.00 to $73.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Finally, Stifel Nicolaus raised their target price on shares of Lumentum from $95.00 to $105.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $82.60.

Lumentum Stock Down 1.3 %

Shares of LITE stock traded down $0.76 during mid-day trading on Monday, reaching $59.24. 804,989 shares of the company were exchanged, compared to its average volume of 1,896,373. The company has a market capitalization of $4.10 billion, a P/E ratio of -7.69 and a beta of 1.14. The business's 50 day simple moving average is $61.91 and its 200 day simple moving average is $75.04. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. Lumentum Holdings Inc. has a fifty-two week low of $38.29 and a fifty-two week high of $104.00.

Lumentum (NASDAQ:LITE - Get Free Report) last issued its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. Research analysts predict that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Lumentum Company Profile

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.